Phil Mickelson took years to break even after once losing $40,000,000 in gambling

Phil Mickelson is one of the most successful golfers in the world. His career has helped him gain widespread fame and added an enormous amount to his bank account. However, the golfer once was in debt.

Last year, Alan Shipnuck released a biography of Mickelson titled, "Phil: The Rip-Roaring (and Unauthorized!) Biography of Golf's Most Colorful Superstar" in which he claimed that the six-time major champion suffered gambling losses worth $40 million from 2010-2014. It took years for Mickelson to pay off his obligations and achieve financial stability.

Phil Mickelson was reportedly addicted to gambling. Even after making around $40 million per year at that time, he found it hard to clear his debts.

He allegedly accepted to participate in the Saudi Arabia Public Investment Fund-sponsored LIV Golf series to pay off his gambling debts. His decision earned him plenty of scorn, but the golfer justified the act by saying:

"They're scary motherf--kers to get involved with. ... They killed [Washington Post reporter and U.S. resident Jamal] Khashoggi and have a horrible record on human rights. They execute people over there for being gay. Knowing all of this, why would I even consider it? Because this is a once-in-a-lifetime opportunity to reshape how the PGA Tour operates."

Phil Mickelson is said to have paid off all his gambling losses and is now enjoying his time playing on the LIV Golf series.

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"It’s embarrassing" - When Phil Mickelson spoke about his gambling habits

Phil Mickelson's gambling habits came to an end in an unpleasant manner. Mickelson revealed in an interview with Sports Illustrated journalist Bob Harig in 2022 that he underwent "hundreds of hours of therapy" to overcome the mental suffering caused by his gambling habits. The legendary golfer also added that now he has the fortitude to speak about it publicly.

"My gambling got to a point of being reckless and embarrassing," Mickelson said."I had to address it. And I’ve been addressing it for a number of years. And for hundreds of hours of therapy. I feel good where I’m at there. My family and I are and have been financially secure for some time."

He further said that his habits had become embarrassing at one point. His wife Amy Mickelson, on the other hand, was always by his side.

"Gambling has been part of my life ever since I can remember," Mickelson added. "But about a decade ago is when I would say it became reckless. It’s embarrassing. I don’t like that people know. The fact is I’ve been dealing with it for some time."

"Amy has been very supportive of it and with me and the process. We’re at place after many years where I feel comfortable with where that is. It isn’t a threat to me or my financial security. It was just a number of poor decisions," he went on.

It is worth noting that Phil Mickelson has been said to have gotten a $200 million contract to leave the PGA Tour and join LIV Golf. In addition to the signing bonus, he earned $1,825,350 on the Saudi Circuit last season, according to Golf Monthly.